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NAB CEO rejects holes in anti-money laundering system

Article image for NAB CEO rejects holes in anti-money laundering system

The chief of the National Australia Bank has rejected suggestions of “gaping holes” in the anti-money laundering systems of Australia’s big four banks.

The Age reports about five million dollars a day is being laundered through the big four banks.

NAB CEO Andrew Thorburn told Neil Mitchell employees are increasingly being encouraged to report suspicious activity as quickly as possible, but is confident in the system as a whole.

“There’s always been, as long as banking has been around, underworld tendencies and you’ve just got to have really sophisticated systems and really good people,” Mr Thorburn said.

He also told 3AW Mornings NAB has been working the Centre for Social Impact, on financial stress and why it’s on the rise in Australia.

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